Two members of the Marzotto family, owners of the Italian textile company of the same name, and a group executive were convicted today of tax fraud, local media reported.
Matteo Marzotto, his sister Diamante and businessman Massimo Caputi were given nominal ten-month prison sentences by a court in Milan for evading a 70-million euro tax bill on the family's 2007 sale of the Valentino fashion house to investment fund Permira.
The sale was organised through a company based in Luxembourg but should have been liable for Italian taxes, the judge in the case ruled.
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Marzotto specialises in producing high-quality wool, cotton, linen and silk-based textiles for Italy's luxury and fashion sectors. Valentino now belongs to a Qatari investment fund which took over Permira.